First Savings Financial Group Inc

First Savings Financial — Q3 2025 Earnings Presentation

36 slides from First Savings Financial's earnings presentation, Oct 22, 2025

1. Slide 1: Investor Update Third Quarter 2025

   Investor Update Third Quarter 2025

2. Slide 2: Forward Looking Statements

   Forward Looking Statements This presentation contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue

3. Slide 3: Executive Management Team

   Executive Management Team 3 Mark Hardwick Chief Executive Officer Mark K. Hardwick currently serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank. Mark joined First Merchants in November of 1997 as Corporate Controller and was promoted to Chief Financial Offi

4. Slide 4: First Merchants Corporation Financial Highlights

   First Merchants Corporation (NASDAQ: FRME) Financial Highlights as of 9/30/2025 $18.8 Billion $13.6 Billion $14.9 Billion $6.1 Billion Assets Under Advisement* Total Assets Total Loans Total Deposits TCE/TA: YTD Return on TCE YTD ROAA: Dividend Yield: Price / Tangible Book: Price / LTM EPS: 1.22% 9.

5. Slide 5: Highlights

   Highlights 5  EPS of $0.991,2 when adjusted for non-core items compared to core EPS of $0.951,2 in 3Q24; reported EPS of $0.98 compared to $0.84 in 3Q24  Strong loan growth of $288.8 million, or 8.7% annualized  Efficiency ratio of 54.56%2 when adjusted for non-core items; reported efficiency rat

6. Slide 6: Highlights (Year to Date)

   Highlights 6 1Net Income and EPS reported on a diluted basis and for common stockholders 2See “Non-GAAP Financial Information” for reconciliation 9.51% ROE 14.27% ROTCE2 ROE & ROTCE (Annualized) $167.5 Million $2.90 Per Share Net Income & EPS1 1.22% ROA 1.50% PTPP ROA2 ROA (Annualized) Year to Date

7. Slide 7: Business Strategy

   Business Strategy 7 Full Spectrum of Debt Capital and Treasury Service Offerings Located in Prime Growth Markets Small Business & SBA Middle Market C&I Investment Real Estate Public Finance Sponsor Finance Full Spectrum of Consumer Deposit and Lending Offerings Supported by: Talented, Customer Servi

8. Slide 8: Business Highlights - Loans

    Strong Commercial growth during the quarter of ~$268 million, or 10.6%  C&I growth of ~$169 million  IRE growth of ~$87 million  Strong Commercial growth year to date of ~$699 million, or 9.7%  C&I growth of ~$564 million  Public Finance growth of ~$87 million  IRE loan balances declined by

9. Slide 9: Business Highlights - Deposits

   Deposit Growth Summary1,2 Business Highlights - Deposits 9 MSA and County ranking data per FDIC 1Commercial includes Public Funds deposits and Consumer includes Private Wealth and Mortgage 2Annualized  Commercial deposits decreased during the quarter by ~$23 million  Core relationship balances inc

10. Slide 10: Third Quarter Financial Results

    Third Quarter Financial Results 10  55.09% Efficiency Ratio; 54.56% excluding non-core expenses1  Net interest income increased $0.7 million due to growth of earning asset income outpacing increased funding costs  Net interest margin - FTE of 3.24% remained stable  Noninterest income increased $

11. Slide 11: Year to Date Financial Results

    Year to Date Financial Results 11  54.54% Efficiency Ratio; 54.36% excluding non-core expenses1  Net interest income increased $10.3 million as reductions in funding costs outpaced asset repricing  Net interest margin – FTE of 3.23% was seven basis points higher than prior YTD margin of 3.16%  N

12. Slide 12: Investment Portfolio Highlights

     Net unrealized AFS loss of $196.9 million ($240.1 M prior Q)  Net unrealized HTM loss of $288.7 million ($335.9 M prior Q) Investment Portfolio Highlights 12 3Q25 Investment Portfolio Composition Yield on Investments (%) / Total Investments ($B) $3.4B Total Investment Portfolio Gains / LossesHigh

13. Slide 13: Loan Portfolio Highlights

    Loan Portfolio Highlights 13 3Q25 Loan Composition Yield on Loans (%) / Total Loans ($B) $13.6B Total 3Q25 Portfolio by Yield Type Highlights Total loan rate mix as of 3Q25 • $9.6 billion variable rate • $4.0 billion fixed rate  Portfolio composition is ~76% Commercial oriented  Total loan yield o

14. Slide 14: Allowance for Credit Losses - Loans

    Allowance for Credit Losses - Loans 14 3Q25 Allowance for Credit Losses - Loans Highlights Change in ACL – Loans  $4.3 million Q3 provision  The reserve for unfunded commitments totals $18.0 million and is recorded in Other Liabilities  The remaining fair value accretion on acquired loans is $14.

15. Slide 15: Deposit Portfolio Highlights

    Demand Deposits 51% Savings Deposits 35% Certificates & Time Deposits > $100k 6% Certificates & Time Deposits < $100k 4% Brokered Certificates of Deposits 4% Deposit Portfolio Highlights 15 3Q25 Deposit Composition Highlights $14.9B Total 1Total brokered deposits of $1.3 billion, which includes brok

16. Slide 16: Net Interest Margin

    Net Interest Margin 16 $105.1$97.1 $97.3 $105.1 $107.0$97.8 $107.0 $97.3 $105.1 $110.0$109.2$107.0 $105.1 $109.2 $110.0 $106.9 1Adjusted for Fair Value Accretion $137.0 $140.2 $136.4 $139.2 $139.9 3.23% 3.28% 3.22% 3.25% 3.24% 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Income - FTE ($millions) Net Intere

17. Slide 17: Noninterest Income Highlights

    Wealth Management $8.9 27% Gain on Sale of Loans $5.0 16% Service Charges $8.9 27% Card Payment Fees $5.0 16% Derivative Hedge Fees $1.1 3%BOLI $1.7 5% Other Customer Fees $0.4 1%Other $1.5 5% Noninterest Income Highlights 17 3Q25 Noninterest Income Detail ($M) $32.5M Total Noninterest Income Trends

18. Slide 18: Noninterest Expense Highlights

    Salary & Benefits $57.3 59% Net Occupancy & Equipment $14.1 15% Outside Data Processing $7.0 7% Professional & Other Outside Services $3.7 4% Intangible Asset Amortization $1.5 1%Marketing $2.1 2% FDIC Expense $3.5 4% Other $7.4 8% 53.76% 48.48% 54.54% 53.99% 55.09% Noninterest Expense Highlights 18

19. Slide 19: Capital Ratios

    Capital Ratios 19 Tangible Common Equity Ratio Common Equity Tier 1 Ratio Total Risk-Based Capital Ratio 9.31% 9.31% 9.57% 9.31% 9.65%9.57%9.31% 9.57% 9.65%  Repurchased 939,271 shares totaling $36.5 million year-to-date  162,474 shares repurchased during the third quarter totaling $6.5 million 

20. Slide 20: 3Q25 Highlights Loan Portfolio

    3Q25 Highlights Loan Portfolio 20 Geography Loan Portfolio Trends ($M) Year Over Year Highlights  Total loan growth of $927 million or 7.3% • Led by C&I lending totaling $640 million 82.0% of borrowers within four state Midwest geography 1Measures loans as a percentage of the Bank's total regulator

21. Slide 21: Loan Portfolio Insights

    ($M) Balance Commit. % CRE Construction3 Commit. QoQ $ Change Multi-Family 458$ 856$ 71.1% (77)$ Industrial 70$ 124$ 10.8% 7$ Self Storage 27$ 57$ 4.2% (8)$  $911.1 million in loans to 100 companies in a diversity of industries  Senior Debt/Adj. EBITDA < 3.0X ~84%  Total Debt/Adj. EBITDA < 4.0X ~

22. Slide 22: Loan Portfolio Insights (continued) - Office

    Office - Maturities Loan Portfolio Insights (continued) 22 Total Loans $13.6 Billion Commercial Real Estate (Non-Owner Occupied) ($M) Office (Non-Owner Occupied) ($M)  Top 10 loans are ~53% of total office with WALTV of ~62.8 at origination  Largest NOO Office $25.0 million, single tenant office m

23. Slide 23: Asset Quality

    Asset Quality 23 Asset Quality Trends ($M) 3Q25 Highlights Asset Quality:  Largest Non-Accruals: • $12.9 million – IRE Multi-family Construction • $5.8 million – IRE Nursing Facility • $4.3 million – C&I Contractor  Classified loan balances decreased $29.2 million led by improvements in the C&I an

24. Slide 24: Nonperforming Assets

    Nonperforming Assets 24 Nonperforming Assets Roll Forward ($M) 3Q25 Highlights Nonperforming Migration:  Largest new non-accrual relationship $4.3 million – C&I Contractor  Payoff of $6.8 million non-accrual Brewery relationship placed on non-accrual in 1Q25  90+ Day Delinquent balances decreased

25. Slide 25: Track Record of Shareholder Value

    $13.65 $14.68 $15.85 $16.96 $19.12 $21.94 $24.27 $25.21 $21.45 $25.06 $26.78 $29.08 $13.27 $14.38 $15.83 $16.78 $19.24 $21.24 $22.64 $24.09 $25.42 $27.98 $30.02 $31.80 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD'25 TBVPS TBVPS Without AFS OCI Track Record of Shareholder Value 25 10-Ye

26. Slide 26: History of Organic and Whole Bank Acquisition Growth

    History of Organic and Whole Bank Acquisition Growth 26 Total Assets ($B) Growth Through Acquisition  Experienced Acquirer  Expanded in Current High-Growth Markets  Added to Franchise with Stable Deposit Gathering Markets 2014 Community Bank 2015 Cooper State Bank Ameriana Bank 2017 Arlington Ban

27. Slide 27: Vision for the Future

    Vision for the Future 27 Our Vision: To enhance the financial wellness of the diverse communities we serve. To be the most attentive, knowledgeable, and high-performing bank for our clients, teammates, and shareholders.  Drive engagement through inclusivity, teamwork, performance management, career

28. Slide 28: Appendix

    APPENDIX oo First Merchants,

29. Slide 29: Expansion into Southern Indiana Bolsters Indiana State Presence

    Deposits Mkt. Share Rank Institution (ST) Branches ($000) (%) 1 JPMorgan Chase & Co. (NY) 118 25,043,492 11.8 2 The PNC Finl Svcs Grp (PA) 80 16,858,818 7.9 3 Old National Bancorp (IN) 93 13,820,604 6.5 Pro Forma 90 13,414,896 6.3 4 Fifth Third Bancorp (OH) 96 13,079,511 6.2 5 Merchants Bancorp (IN)

30. Slide 30: Non-GAAP: Adjusted Net Income and Diluted EPS

    Non-GAAP 30 1Non-core expenses in 3Q25 and 9/30/25 YTD included $0.6 million of severance costs. 2Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale. 3Non-core expenses in 9/30/24 YTD included $1.1 million from the FDIC special assessment and $2.4 million fr

31. Slide 31: Non-GAAP: Pre-Tax, Pre-Provision Earnings

    Non-GAAP 31 PRE-TAX, PRE-PROVISION ("PTPP") EARNINGS, AS ADJUSTED 3Q24 4Q24 1Q25 2Q25 3Q25 9/30/23 YTD 9/30/24 YTD 9/30/25 YTD (Dollars in Thousands, Except Per Share Amounts) Net Interest Income (GAAP) 131,110$ 134,370$ 130,270$ 133,014$ 133,665$ 415,337$ 386,744$ 396,949$ Other Income (GAAP) 24,86

32. Slide 32: Non-GAAP: Net Interest Margin, Adjusted

    Non-GAAP 32 NET INTEREST MARGIN ("NIM"), ADJUSTED 3Q24 4Q24 1Q25 2Q25 3Q25 9/30/23 YTD 9/30/24 YTD 9/30/25 YTD (Dollars in Thousands) Net Interest Income (GAAP) 131,110$ 134,370$ 130,270$ 133,014$ 133,665$ 415,337$ 386,744$ 396,949$ Fully Taxable Equivalent ("FTE") Adjustment 5,883 5,788 6,127 6,199

33. Slide 33: Non-GAAP: Efficiency Ratio

    Non-GAAP 33 1Non-core expenses in 3Q25 and 9/30/25 YTD included $0.6 million of severance costs. 2Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale. 3Non-core expenses in 9/30/24 YTD included $1.1 million from the FDIC special assessment and $2.4 million fr

34. Slide 34: Non-GAAP: Capital Ratios

    Non-GAAP 34 1 Includes net unrealized gains or losses on securities available for sale, net gains or losses on cash flow hedges, and amounts resulting from the application of the applicable accounting guidance for defined benefit and other postretirement plans. CAPITAL RATIOS (dollars in thousands):

35. Slide 35: Non-GAAP: Tangible Common Equity Ratio

    Non-GAAP 35 TANGIBLE COMMON EQUITY RATIO (dollars in thousands): 3Q23 3Q24 4Q24 1Q25 2Q25 3Q25 Tangible Common Equity Ratio (dollars in thousands) Total Stockholders' Equity (GAAP) 2,092,644$ 2,302,373$ 2,304,983$ 2,332,214$ 2,347,952$ 2,412,402$ Less: Preferred Stock (25,125) (25,125) (25,125) (25,

36. Slide 36: Non-GAAP: Return on Tangible Common Equity

    Non-GAAP 36 RETURN ON TANGIBLE COMMON EQUITY (dollars in thousands): 2014 2015 2016 2017 2018 2019 2020 Return on Tangible Common Equity Total Average Stockholders' Equity (GAAP) 675,295$ 753,724$ 884,664$ 1,110,524$ 1,343,861$ 1,569,615$ 1,825,135$ Less: Average Preferred Stock (125) (125) (125) (1

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